Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Details | ||
Registrant CIK | 0001342219 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 333-130606 | |
Entity Registrant Name | KREIDO BIOFUELS, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 20-3240178 | |
Entity Address, Address Line One | 3625 Cove Point Drive | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84109 | |
Entity Address, Address Description | Address of Principal Executive Offices | |
City Area Code | 801 | |
Local Phone Number | 209-0740 | |
Phone Fax Number Description | Issuer’s Telephone Number | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 195,645,159 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 0 | $ 0 |
Due from Related Party | 0 | 0 |
Prepaid Expenses | 0 | 0 |
Total Current Assets | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
CURRENT LIABILITIES | ||
Accounts Payable | 36,879 | 35,817 |
Related Party Payable | 34,596 | 33,621 |
Total Current Liabilities | 71,475 | 69,438 |
LONG TERM LIABILITIES | ||
Total Long Term Liabilities | 0 | 0 |
Total Liabilities | 71,475 | 69,438 |
Shareholders' deficit: | ||
Preferred shares | 0 | 0 |
Common shares | 1,956 | 1,956 |
Additional paid-in capital | 48,984,877 | 48,984,877 |
Accumulated Deficit | (49,058,308) | (49,056,271) |
Total Stockholders' Deficit | (71,475) | (69,438) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Details | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 1,956,452 | 1,956,452 |
Common Stock, Shares, Outstanding | 1,956,452 | 1,956,452 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Details | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES | ||||
Professional Fees | 0 | 2,500 | 0 | 2,500 |
General and administrative | (263) | 2,764 | 2,037 | 4,435 |
Total Expenses | (263) | 5,264 | 2,037 | 6,935 |
LOSS FROM OPERATIONS | 263 | (5,264) | (2,037) | (6,935) |
Net Loss | $ 263 | $ (5,264) | $ (2,037) | $ (6,935) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 1,956,452 | 1,956,452 | 1,956,452 | 1,956,452 |
Consolidated Statement of Stock
Consolidated Statement of Stockholder's Equity - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | $ 1,956 | $ 48,984,877 | $ (49,044,627) | $ (57,794) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 1,956,452 | |||
Net Loss | (1,671) | (1,671) | ||
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2020 | $ 1,956 | 48,791,188 | (49,046,298) | (59,465) |
Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 1,956,452 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | $ 1,956 | 48,984,877 | (49,044,627) | (57,794) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 1,956,452 | |||
Net Loss | $ 0 | 0 | (6,935) | (6,935) |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2020 | $ 1,956 | 48,984,877 | (49,051,562) | (64,729) |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 1,956,452 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2020 | $ 1,956 | 48,791,188 | (49,046,298) | (59,465) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 1,956,452 | |||
Net Loss | (5,264) | (5,264) | ||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2020 | $ 1,956 | 48,984,877 | (49,051,562) | (64,729) |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 1,956,452 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | $ 1,956 | 48,984,877 | (49,056,271) | (69,438) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 1,956,452 | |||
Net Loss | $ 0 | 0 | (2,300) | (2,300) |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2021 | $ 1,956 | 48,984,877 | (49,058,571) | (71,738) |
Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 1,956,452 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | $ 1,956 | 48,984,877 | (49,056,271) | (69,438) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 1,956,452 | |||
Net Loss | $ 0 | 0 | (2,037) | (2,037) |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021 | $ 1,956 | 48,984,877 | (49,058,308) | (71,475) |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 1,956,452 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2021 | $ 1,956 | 48,984,877 | (49,058,571) | (71,738) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 1,956,452 | |||
Net Loss | $ 0 | 0 | 263 | 263 |
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2021 | $ 1,956 | $ 48,984,877 | $ (49,058,308) | $ (71,475) |
Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 1,956,452 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (2,037) | $ (6,935) |
Changes in operating assets and liabilities: | ||
Change in account payable - related party | 975 | 975 |
Change in accounts payable | 1,062 | 5,960 |
Operating Activities | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Financing Activities | 0 | 0 |
NET INCREASE IN CASH | 0 | 0 |
CASH AT BEGINNING OF PERIOD | 0 | 0 |
CASH AT END OF PERIOD | 0 | 0 |
SUPPLEMENTAL DISCLOSURES OF | ||
Interest | 0 | 0 |
Income Taxes | 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Stock issued for debt | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND BUSIN
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 - ORGANIZATION AND BUSINESS Nature of Business Kreido Biofuels, Inc. was incorporated as Gemwood Productions, Inc. under the laws of the State of Nevada on February 7, 2005. Gemwood Productions, Inc. changed its name to Kreido Biofuels, Inc. on November 2, 2006. The Company took its current form on January 12, 2007 when Kreido Laboratories (“Kreido Labs”), completed a reverse triangular merger with Kreido Biofuels, Inc. Kreido Labs, formerly known as Holl Technologies Company, was incorporated on January 13, 1995 under the laws of the State of California. Since incorporation, Kreido Labs has been engaged in activities required to develop, patent and commercialize its products. Kreido Labs was the creator of reactor technology that was designed to enhance the manufacturing of a broad range of chemical products. The cornerstone of Kreido Labs’ technology was its patented STT ® (Spinning Tube in Tube) diffusional chemical reacting system, which were both a licensable process and a licensable system. In 2005, the Company demonstrated how the STT ® could make biodiesel from vegetable oil rapidly with almost complete conversion and less undesirable by-products. The Company had continued to pursue this activity, built and tested a pilot biodiesel production unit and, prior to June 20, 2008, was in the process of developing the first of its commercial biodiesel production plants in the United States that, if constructed and put into operation, was expected to produce approximately 33 million to 50 million gallons per year. On June 20, 2008, the Company announced that due to the weakening of the economy, the continued financial market turmoil and the inability to raise needed capital to finance site construction and plant start-up costs, the Company was suspending work regarding its flagship biodiesel production plant at the Port of Wilmington, North Carolina. In November of 2017, the Company discontinued operations of its subsidiary, Kreido Labs, Inc. We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. In certain instances, a target business may wish to become our subsidiary or may wish to contribute assets to us rather than merge. We have not yet begun negotiations or entered into any definitive agreements for potential new business opportunities, and there can be no assurance that we will be able to enter into any definitive agreements. Any new acquisition or business opportunities that we may acquire will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail. Management of our company believes that there are benefits to being a reporting company with a class of securities quoted on the OTC Markets, such as: (i) the ability to use registered securities to acquire assets or businesses; (ii) increased visibility in the financial community; (iii) the facilitation of borrowing from financial institutions; (iv) potentially improved trading efficiency; (v) potential stockholder liquidity; (vi) potentially greater ease in raising capital subsequent to an acquisition; (vii) potential compensation of key employees through stock awards or options; (viii) potentially enhanced corporate image; and (ix) a presence in the United States’ capital market. We may seek a business opportunity with entities that have recently commenced operations, or entities who wish to utilize the public marketplace to raise additional capital in order to expand business development activities, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly-owned subsidiaries in various businesses or acquire existing businesses as subsidiaries. In implementing a structure for a particular business acquisition or opportunity, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity. We may also acquire stock or assets of an existing business. Upon the consummation of a transaction, it is anticipated that our sole officer and two directors will continue to manage the Company however; it is possible that with any business combination, new management will be appointed. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the six months ended June 30, 2021 and 2020 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2020 audited financial statements. The results of operations for the periods ended June 30, 2021 are not necessarily indicative of the operating results for the full year. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Kreido Laboratories, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Accounting Estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. Loss per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. The Company had no cash balances as of June 30, 2021 and December 31, 2020. Stock-based compensation The Company recognizes compensation expense for all stock-based compensation awards based on the grant-date fair value estimated in accordance with the provisions of ASC 718. Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2021 and December 31, 2020 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. Recent Accounting Pronouncements The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). Rules and interpretative releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans, which raises substantial doubt about the ability of the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
NOTE 4 - STOCKHOLDERS' EQUITY
NOTE 4 - STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 4 - STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY Common Stock The Company’s Articles of Incorporation authorize the issuance of up to 300,000,000 common shares, par value $0.001 per share, and 10,000,000 preferred shares, also $0.001 par value. There were 1,956,452 2019 During 2019, a related party forgave an outstanding balance of $21,350 and the forgiveness of related party debt was recorded in additional paid-in capital. |
NOTE 5 - RELATED PARTY TRANSACT
NOTE 5 - RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 5 - RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS As of June 30, 2021 and December 31, 2020, the Company had a related party payable in the amount of $34,596 and $33,621. The related party payable is a shareholder in the Company, who advanced a total of $975 during the six months ended June 30, 2021 to provide working capital for the Company. The advances are unsecured, non-interest and due on demand. |
NOTE 6 - SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Notes | |
NOTE 6 - SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS The Company evaluated subsequent events from June 30, 2021, through the date the financial statements were issued. There have been no subsequent events after June 30, 2021 for which disclosure is required. |
NOTE 2 - SUMMARY OF SIGNIFICA_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the six months ended June 30, 2021 and 2020 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2020 audited financial statements. The results of operations for the periods ended June 30, 2021 are not necessarily indicative of the operating results for the full year. |
NOTE 2 - SUMMARY OF SIGNIFICA_3
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Kreido Laboratories, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. |
NOTE 2 - SUMMARY OF SIGNIFICA_4
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Estimates (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Accounting Estimates | Accounting Estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
NOTE 2 - SUMMARY OF SIGNIFICA_5
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
NOTE 2 - SUMMARY OF SIGNIFICA_6
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss per Common Share (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Loss per Common Share | Loss per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. |
NOTE 2 - SUMMARY OF SIGNIFICA_7
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. The Company had no cash balances as of June 30, 2021 and December 31, 2020. |
NOTE 2 - SUMMARY OF SIGNIFICA_8
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-based compensation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Stock-based compensation | Stock-based compensation The Company recognizes compensation expense for all stock-based compensation awards based on the grant-date fair value estimated in accordance with the provisions of ASC 718. |
NOTE 2 - SUMMARY OF SIGNIFICA_9
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Income Taxes | Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2021 and December 31, 2020 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. |
NOTE 2 - SUMMARY OF SIGNIFIC_10
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). Rules and interpretative releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
NOTE 1 - ORGANIZATION AND BUS_2
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Gemwood Productions, Inc | |
Entity Incorporation, Date of Incorporation | Feb. 7, 2005 |
Kreido Labs | |
Entity Incorporation, Date of Incorporation | Jan. 13, 1995 |
NOTE 4 - STOCKHOLDERS' EQUITY (
NOTE 4 - STOCKHOLDERS' EQUITY (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Details | |||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares, Issued | 1,956,452 | 1,956,452 | |
Common Stock, Shares, Outstanding | 1,956,452 | 1,956,452 | |
Gain (Loss) on Extinguishment of Debt | $ 21,350 |
NOTE 5 - RELATED PARTY TRANSA_2
NOTE 5 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Details | ||
Related Party Payable | $ 34,596 | $ 33,621 |
Increase (Decrease) in Due to Related Parties | $ 975 |